"More listings came to the market in January this year than last, by 49%. That’s a huge increase statistically, but only 25 more listings. The consensus of analysts is that we’ll see more listings in 2025, but not by 49%, so this is an exaggerated figure. The number home sold in January equaled January of last year, indicating a fair start to the year, as good as last year. DOM [days on market] improved by 2 weeks, suggesting an improving market, but DOM in January of any year are going to be higher than average given the seasonal slowdown. Sellers didn’t have to reduce their prices to find a willing buyer as much this January, probably because sellers are becoming accustomed to the realities of a balanced market and are pricing more realistically when they first go to market. Sellers negotiated half as much this January compared to last January, probably because they price realistically from the outset and buyer demand is still relatively high compared to the supply of available homes. Overall, sellers are discounting less from original asking to selling price, as they price more carefully in a market where neither buyers nor sellers have a significant advantage over the other. The Average Selling Price is up 14% and that won’t hold throughout the coming year. Most analysts expect homes to appreciate in the low single digits for the year." REALTOR® Emeritus of Tupper's Team at Madison & Company Properties | | |
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